PTTEP shares slide on $3.1b stock offer plan

25-Jul-2012 Intellasia | Business Times - Malaysia | 7:01 AM

Shares in Thailand’s PTTEP fell to a six-week low after the country’s top oil and gas producer announced a $3.1 billion (RM9.8 billion) share sale plan to fund its Cove Energy acquisition, raising concerns about dilution of earnings.

PTT Exploration and Production pcl, due to complete its $1.9 billion takeover of Britain’s Cove this week, aims to raise $3.1 billion in the nation’s biggest ever share sale by offering up to 650 million new shares to parent PTT pcl and the public.

It said the number of shares sold may be lower and the final price will only be determined after a book-building process.

http://www.btimes.com.my/Current_News/BTIMES/articles/20120723235251/Article/